Details about the financial report during MFA AGM 2012

Saturday, July 21, 2012, 12:50

by Catherine Micallef and Caroline Attard.

MFA Tresurer Antoine Portelli

Antoine Portelli Treasurer of the Malta Football Association presented the financial results for the year ending 31st May 2001, which showed an increase in revenue of €1.43Mln , an increase in operating costs of €787,000, and an increase in operating profit of €1.186Mln over 2011. He gave details of the salient variances on the figures , and explained that the increase in certain expenditure was the result of the projects which the MFA has introduced, particularly in the technical centre, referees and IT department. The Treasurer then explained in detail that the €4.42 Mln reported as “Excess of Expenditure over Income”, Mr Portelli stated that this is in reality results from the investment made by the Association in the Clubs this year which cannot be capitalised as occurs in normal business for the simple reason that the ownership of the land upon which the investment is made is that of the Clubs and not MFA. He stated that “In our case a choice to invest meant transferring our net worth to the Clubs, with an effect on our Balance Sheet. We are really proud of that, after all that was our promise and mission”. The Treasurer revealed that the current administration invested nearly €10Mln in Clubs’ infrastructure in two years. He added that to this one has to add another €1.2Mln of other direct and indirect income received during the last financial year. The Treasurer explained that although the hefty investment which resulted in increase in bank borrowings, he is certain that MFA’s finances are still strong, and to proof this Mr Portelli also presented forecast results until 2016 and concluded that “This forecast was also reviewed and agreed upon by our auditor and I’m sure that we do have the ability to service our loans and repay these on due dates.”The Treasurer stated that the current administration always stated that the MFA is not a profit making organisation not only on paper but also in reality. “We always stated that its useless having millions in the bank, whilst our clubs are struggling to survive.”

Mr Portelli concluded by reminding the Clubs to ensure that they balance their books and to give due regard to Financial Fair Play.

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